Multiplex to continue sell-off

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Multiplex Group could be close to selling further strategic
stakes in British projects as part of a review to avoid another
loss-making Wembley Stadium problem.

On Monday, managing director Andrew Roberts confirmed the group
was looking to consolidate its British operations, which are worth
about $3 billion across residential, retail, commercial/industrial
and master-planned communities.

Possible sales could include Multiplex's 25 per cent stake in
the £4.1 billion ($A9.87 billion) residential, office and
retail development next to Stratford International Channel Tunnel
rail terminal in London's east.

The project will be part of the Olympic village if London wins
its bid to host the 2012 Games.

Multiplex revealed on Monday that Wembley Stadium would generate
a $109 million loss this financial year, prompting Tuesday's rout
when the price of the securities was slashed 70¢ to $2.56 on
volume of 201 million securities.

Yesterday the price staged a small rebound, closing up 10¢
at $2.68 on volume of 42 million securities.

Mr Roberts told investors on Monday that the group was reviewing
the construction business in Britain as part of its Wembley
operations.

As part of that review, the group two weeks ago sold its 12.5
per cent stake in the White City, London, shopping centre
development to Westfield for an $18 million "accounting" loss.
Multiplex retains the construction contract.

Mr Roberts said the British business strategy would be to
replicate the Australian business model and look to balance British
development opportunities to more evenly distribute emerging
profits.